Tata Steel Europe reports 1.2 b pounds loss

Tata Steel Europe reports 1.2 b pounds loss

Indian steel giant Tata Steel’s European arm has reported a record loss of 1.2 billion pounds for the year.

Tata Steel Europe, Britain’s largest steel producer, reported the losses for the year until March 31 as part of its latest results filed at Companies House in the UK.

They mark a massive rise from 846 million pounds the previous year.

As per the company’s filing, revenues fell 14 per cent to 8.7 billion pounds due to a “deterioration to market conditions in the second half”.

The company, previously Corus before being bought over by the Indian conglomerate back in 2007, has been battered by falling steel prices, a slump in demand and competition from cheap imports.

Comments (+)